True North Advisors LLC Sells 1,782 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• True North Advisors LLC has reduced its stake in SBA Communications Corporation by 17.5%, selling 1,782 shares, and now holds a total of 8,377 shares valued at approximately $1.84 million.
• The company reported a quarterly earnings per share (EPS) of $3.17, outperforming analyst expectations of $3.10, with a revenue of $698.98 million, which is 5.8% higher year-over-year.
• SBA Communications announced a quarterly dividend of $1.11 per share, providing a 2.0% yield, with the ex-dividend date set for August 21st.

True North Advisors LLC decreased its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 17.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,377 shares of the technology company's stock after selling 1,782 shares during the period. True North Advisors LLC's holdings in SBA Communications were worth $1,843,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of SBA Communications by 1.5% in the first quarter. Vanguard Group Inc. now owns 17,666,669 shares of the technology company's stock worth $3,886,844,000 after buying an additional 268,018 shares in the last quarter. Dodge & Cox boosted its stake in SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in SBA Communications by 40.3% during the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after buying an additional 1,715,541 shares during the last quarter. Deutsche Bank AG boosted its stake in SBA Communications by 5.9% during the fourth quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock valued at $491,549,000 after buying an additional 134,624 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in SBA Communications by 7.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock valued at $439,310,000 after buying an additional 135,682 shares during the last quarter. Institutional investors own 97.35% of the company's stock.

SBA Communications Stock Down 1.0%

Shares of NASDAQ:SBAC opened at $220.85 on Friday. SBA Communications Corporation has a 52-week low of $192.55 and a 52-week high of $252.64. The stock has a market cap of $23.73 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 2.05 and a beta of 0.77. The business's 50 day moving average is $230.50 and its 200 day moving average is $223.30.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.10 by $0.07. The business had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.29 EPS. On average, sell-side analysts anticipate that SBA Communications Corporation will post 12.57 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 21st will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 21st. SBA Communications's dividend payout ratio (DPR) is 56.42%.

Analysts Set New Price Targets

SBAC has been the subject of a number of research reports. JMP Securities set a $280.00 price target on SBA Communications and gave the company a "market outperform" rating in a research note on Tuesday. Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. UBS Group upped their price objective on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Scotiabank initiated coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and a consensus target price of $258.25.

SBA Communications Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.

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